The U.S. rotary rig count was up 27 at 1,889 for the week of May 23, 2008 and is 7.3 percent higher than last year.

The number of rotary rigs drilling for oil is up 5 at 386. The number of rigs targeting oil is 99 greater than last year's level of activity. Rigs currently drilling for oil represent 20.4% percent of total drilling activity.

Rigs directed toward natural gas were up 22 at 1,493. The number of rigs currently drilling for gas is 22 greater than last year's level of 1,471.

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The United States of Indentured Servants

But after 7 years, the number of active rigs is still way below the number of active rigs during the Carter administration.

But then again, Carter didn't have secret meetings at the bigging of his adminstration with the oil execs to figure out how to make them the most profitable corporations in the world ever.


And it is clear that the number of rigs isn't increasing in response to the increase in price. I'd say that the increase was to keep market share and thus maximize the oil company profits. But now that the price is really up, no one wants to really expand production because that would drive prices down.

Rig Count: Rotary Rig Count and Workover Rig Count

As a postscript, lets consider the number of active rigs in the world:
So, in all the world except for the US and Canada, the number of active drilling rigs is 1,054, while the number of rigs working in the US is 1,889, (rigs in Canada total 152).

The US produces about 10% of the world's production of oil and gas, so the US needs almost twice as many drilling rigs to deliver 10% of world oil and gas, while the rest of the world produces 90% of the oil and gas with half the number of rigs.

The US is clearly really really really bad at producing oil and gas, so clearly the US should outsource all of its oil and gas production to the 3rd world.

Right?

I'm curious..... why the hell any of you ..... (possessed of common sense) bother to respond to mulp about anything..... all I have ever seen from him/her? is a talent for "baffle them with bullshit" posting of someone else's cut and paste bullshit....

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CHECK THIS OUT ..... graybeard's "tribute" to Humble Lasher -----> http://www.youtube.com/watch?v=fwFjt2x9Rws ...and another... http://www.youtube.com/watch?v=JECK3Ed1CN0

Political Correctness defined :
A doctrine fostered by a delusional, illogical liberal minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

Are you saying that the oil rig count is meaningless?

Are you saying that the oil price is high because the wacko Persian Gulf tree hugging environmentalists are preventing US oil companies from drilling in Saudi Arabia, Iran, Iraq, Kuwait?

Maybe its the environmentalist Chavez that is preventing the US oil companies from drilling for oil?

It can't possibly be greed on the part of the people who didn't flood the market with excess oil, didn't pump as fast as they can and selling at really really cheap prices, because they know that oil is scarse and the way to maximize profit is to horde it and keep it from the market.

Other than attacking me, what do you have to offer?

I'm saying.... you don't KNOW shit from Shinola (a shoe polish) ....and you DON"T even SUSPECT that fact .....

hint ..... smell your shoes.....

I have nothing to discuss with you....

__________________
CHECK THIS OUT ..... graybeard's "tribute" to Humble Lasher -----> http://www.youtube.com/watch?v=fwFjt2x9Rws ...and another... http://www.youtube.com/watch?v=JECK3Ed1CN0

Political Correctness defined :
A doctrine fostered by a delusional, illogical liberal minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

Ah, come on, can't you come up with more personal attacks, or are you tapped out on the insults?

Perhaps you could instead comment on the topic and prove how much smarter you are than I am?

Or are you just unhappy about the reality and need to find scapegoats to blame rather than accept reality and then figure out how you need to change to adapt?

Let me put it in a way that even YOUR feeble brain .....may ..... be able to comprehend..... I wouldn't piss on you ... were you on fire....

Now go lie under the porch with Crawley and "shit for brains makes a fool of herself".....

__________________
CHECK THIS OUT ..... graybeard's "tribute" to Humble Lasher -----> http://www.youtube.com/watch?v=fwFjt2x9Rws ...and another... http://www.youtube.com/watch?v=JECK3Ed1CN0

Political Correctness defined :
A doctrine fostered by a delusional, illogical liberal minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

So, the best you can offer in the way of an argument is insults.

That is really an enlightening argument. It really explains why oil is over $125 a barrel.

Give it up dipshit.... I gave you MORE than you deserve......

__________________
CHECK THIS OUT ..... graybeard's "tribute" to Humble Lasher -----> http://www.youtube.com/watch?v=fwFjt2x9Rws ...and another... http://www.youtube.com/watch?v=JECK3Ed1CN0

Political Correctness defined :
A doctrine fostered by a delusional, illogical liberal minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.